RFL

NEWARK, N.J., June 11, 2026 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL) today reported its financial results for the third quarter fiscal year 2026 ended April 30, 2026. “Yesterday, we were pleased to announce that we reached the completion of the last patient last visit of our pivotal Phase 3 TransportNPC™ trial, and we are grateful for the patients and families, advocacy organizations, and physicians who stood at the heart of this global effort. Together, we have advanced the clinical understanding of NPC, as well as the lived experience of this devastating disease, as we work to deliver a potentially life changing treatment option for a community with significant unmet need,” said Joshua Fine, Chief Operating Officer of Rafael Holdings. “We would also like to recognize the FDA for their long-term continued collaboration, and guidance in advancing this program.” “Following our pre-NDA meeting with the FDA, we believe we have a clear and expedited path forward reflective of the urgency and unmet need in NPC and expect to submit our NDA in the second half of calendar 2026. NPC represents a high-unmet-need market, positioning Rafael Holdings to potentially unlock substantial, long-term value for our shareholders as we work toward transitioning Rafael Holdings into a commercial-stage biotechnology company,” said Howard Jonas, Chief Executive Officer, Executive Chairman and Chairman of the Board of Rafael Holdings. Rafael Holdings, Inc. Third Quarter Fiscal Year 2026 Financial Results As of April 30, 2026, we had cash and cash equivalents of $30.5 million. For the three months ended April 30, 2026, we recorded a net loss attributable to Rafael Holdings of $4.2 million, or $0.08 per share, versus a net loss of $4.8 million, or $0.19 per share in the year ago period. The year over year increase in net loss is largely attributable to the consolidation of Cyclo Therapeutic’s expenses following the acquisition of Cyclo in March 2025. Research and development expenses were $4.9 million for the three months ended April 30, 2026, compared to $3.0 million in the year ago period. The year over year increase relates to the inclusion in the current year period of research and development spending at Cyclo following the March 2025 acquisition. General and administrative expenses were $2.1 million for the three months ended April 30, 2026, compared to $3.2 million in the year ago period. The year over year decrease relates to a decrease in payroll, stock-based compensation expense and professional fees during the quarter ended April 30, 2026, offset by the inclusion of expenses at Cyclo following the March 2025 acquisition. Rafael Holdings, Inc. First Nine Months Fiscal Year 2026 Financial Results For the nine months ended April 30, 2026, we recorded a net loss attributable to Rafael Holdings of $20.5 million, or $0.40 per share, versus a net loss of $18.4 million, or $0.73 per share in the year ago period. The year over year increase in net loss is attributable to the consolidation of Cyclo Therapeutic’s expenses following the acquisition of Cyclo in March 2025. Research and development expenses were $16.9 million for the nine months ended April 30, 2026, compared to $5.3 million in the year ago period. The year over year increase relates to the inclusion in the current year period of spending at Cyclo following the March 2025 acquisition. General and administrative expenses were $7.3 million for the nine months ended April 30, 2026, compared to $8.3 million in the year ago period. The decrease related to the inclusion of expenses at Cyclo following the March 2025 acquisition which was more than offset by reductions in payroll due to terminations and reduced stock-based compensation expense and professional fees. About Rafael Holdings, Inc. Rafael Holdings, Inc. is a biotechnology company that develops pharmaceuticals and holds interests in clinical and early-stage companies that develop pharmaceuticals and medical devices. Our lead candidate is Trappsol® Cyclo™, which is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 (“NPC1”), a rare, fatal and progressive genetic disorder. We also hold interests in other clinical-stage and early-stage pharmaceutical development companies and an orthopedic-focused medical device company. Our lead candidate, Trappsol® Cyclo™, is the subject of an ongoing pivotal Phase 3 clinical trial. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, those disclosed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended July 31, 2025, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Contact:Barbara [email protected](203) 274-2825

NEWARK, N.J., March 16, 2026 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL) today reported its financial results for the second quarter fiscal year 2026 ended January 31, 2026. “We remain pleased with the progress of our pivotal Phase 3 TransportNPC™ study evaluating Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1, which the Data Monitoring Committee (DMC) recommended continuing after their review of prespecified safety and efficacy data at 48 weeks. We believe that Trappsol® Cyclo™ could provide an important new treatment option for patients suffering from this rare and fatal genetic disease,” said Howard Jonas, Chief Executive Officer, Executive Chairman and Chairman of the Board of Rafael Holdings. “We are on track to complete this 96-week Phase 3 clinical trial, the largest ever conducted in this indication, and report preliminary top line results in the third quarter of this calendar year,” said Joshua Fine, Chief Operating Officer of Rafael Holdings. Rafael Holdings, Inc. Second Quarter Fiscal Year 2026 Financial Results As of January 31, 2026, we had cash and cash equivalents of $37.8 million. For the three months ended January 31, 2026, we recorded a net loss attributable to Rafael Holdings of $6.4 million, or $0.13 per share, versus a net loss of $4.6 million, or $0.19 per share in the year ago period. The year over year increase in net loss is attributable to the consolidation of Cyclo Therapeutic’s expenses following the acquisition of Cyclo in March 2025. Research and development expenses were $4.5 million for the three months ended January 31, 2026, compared to $0.9 million in the year ago period. The year over year increase relates to the inclusion in the current year period of spending at Cyclo following the March 2025 acquisition. General and administrative expenses were $2.3 million for the three months ended January 31, 2026, compared to $2.6 million in the year ago period. The year over year decrease relates to a decrease in payroll and professional fees during the quarter ended January 31, 2026 offset by the inclusion of expenses at Cyclo following the March 2025 acquisition. Rafael Holdings, Inc. First Six Months Fiscal Year 2026 Financial Results For the six months ended January 31, 2026, we recorded a net loss attributable to Rafael Holdings of $16.2 million, or $0.32 per share, versus a net loss of $13.6 million, or $0.57 per share in the year ago period. The year over year increase in net loss is attributable to the consolidation of Cyclo Therapeutic’s expenses following the acquisition of Cyclo in March 2025. Research and development expenses were $12.0 million for the six months ended January 31, 2026, compared to $2.3 million in the year ago period. The year over year increase relates to the inclusion in the current year period of spending at Cyclo following the March 2025 acquisition. General and administrative expenses were $5.1 million for the six months ended January 31, 2026, compared to $5.1 million in the year ago period. The increase related to the inclusion of expenses at Cyclo following the March 2025 acquisition was offset by reductions in payroll due to terminations and reduced stock based compensation expense and professional fees. About Rafael Holdings, Inc. Rafael Holdings, Inc. is a biotechnology company that develops pharmaceuticals and holds interests in clinical and early stage companies that develop pharmaceuticals and medical devices. Our lead candidate is Trappsol® Cyclo™, which is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 (“NPC1”), a rare, fatal and progressive genetic disorder. We also hold interests in other clinical-stage and early-stage pharmaceutical development companies and an orthopedic-focused medical device company. Our lead candidate, Trappsol® Cyclo™, is the subject of an ongoing pivotal Phase 3 clinical trial. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, those disclosed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended July 31, 2025, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Contact: Barbara Ryan [email protected] (203) 274-2825

NEWARK, N.J., Dec. 11, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL) today reported its financial results for the first quarter fiscal year 2026 ended October 31, 2025. “We remain pleased with the progress of our pivotal Phase 3 TransportNPC™ study evaluating Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1, which the Data Monitoring Committee (DMC) recommended continuing after their review of prespecified safety and efficacy data at 48 weeks. We believe that Trappsol® Cyclo™ could provide an important new treatment option for patients suffering from this rare and fatal genetic disease,” said Howard Jonas, Chief Executive Officer, Executive Chairman and Chairman of the Board of Rafael Holdings. Rafael Holdings, Inc. First Quarter Fiscal Year 2026 Financial Results As of October 31, 2025, we had cash and cash equivalents of $45.5 million. For the three months ended October 31, 2025, we recorded a net loss attributable to Rafael Holdings of $9.8 million, or $0.19 per share, versus a net loss of $9.0 million, or $0.37 per share in the year ago period. The year over year increase in net loss is attributable to the consolidation of Cyclo Therapeutic’s expenses following the acquisition of Cyclo in March 2025. Research and development expenses were $7.5 million for the three months ended October 31, 2025, compared to $1.3 million in the year ago period. The year over year increase relates to the inclusion in the current year period of spending at Cyclo following the March 2025 acquisition. General and administrative expenses were $2.8 million for the three months ended October 31, 2025, compared to $2.5 million in the year ago period. The year over year increase relates to the inclusion of expenses at Cyclo following the March 2025 acquisition. About Rafael Holdings, Inc. Rafael Holdings, Inc. is a biotechnology company that develops pharmaceuticals and holds interests in clinical and early stage companies that develop pharmaceuticals and medical devices. Our lead candidate is Trappsol® Cyclo™, which is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 (“NPC1”), a rare, fatal and progressive genetic disorder. We also hold interests in other clinical-stage and early-stage pharmaceutical development companies and an orthopedic-focused medical device company. Our lead candidate, Trappsol® Cyclo™, is the subject of an ongoing pivotal Phase 3 clinical trial. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, those disclosed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended July 31, 2024, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Contact: Barbara Ryan [email protected] (203) 274-2825

Cyclo Therapeutics’ TransportNPC™ Phase 3 clinical trial for Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1, a rare and fatal genetic disease, is continuing at the recommendation of the Data Monitoring Committee (DMC) following their review of prespecified safety and efficacy date at 48 weeks On August 4, 2025, Joshua Fine was elected as the Company’s Chief Operating Officer NEWARK, N.J., Oct. 29, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL; NYSE American: RFL-W), today reported its financial results for the fourth quarter and full fiscal year 2025 ended July 31, 2025. “We are pleased with the continued progress of our pivotal Phase 3 TransportNPC™ study evaluating Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1, which we believe could provide an important new treatment for option for patients suffering from this rare and fatal genetic disease,” said Howard Jonas, Chief Executive Officer, Executive Chairman and Chairman of the Board of Rafael Holdings. Mr. Jonas added, “We enhanced our financial position with the closing of a $25 million rights offering in June, which positions our Company well to advance the Trappsol® Cyclo™ program and invest in additional opportunities we may identify. I would also like to take this opportunity to congratulate Joshua Fine on his appointment as the Company’s Chief Operating Officer, Alan Grayson on his addition to our Board of Directors and Markus Sieger on being named as Chair of our Audit Committee. I look forward to their important contributions towards advancing the Company and driving value for all stakeholders.” Rafael Holdings, Inc. Fourth Quarter Fiscal Year 2025 Financial Results As of July 31, 2025, we had cash and cash equivalents of $52.8 million. On June 4, 2025, the Company closed a $25 million rights offering, which included the funding of the backstop commitment in the amount of $21.0 million by the Jonas family. For the three months ended July 31, 2025, we recorded a net loss attributable to Rafael Holdings of $12.1 million, or $0.28 per share, versus a net loss of $4.5 million, or $0.19 per share in the year ago period. The year over year increase in net loss is attributable to the consolidation of Cyclo Therapeutic’s expenses following the acquisition of Cyclo in March 2025 and the activity of Cornerstone and Day Three which were consolidated with Rafael Holdings during fiscal 2024. Research and development expenses were $7.5 million for the three months ended July 31, 2025, compared to $1.5 million in the year ago period. The year over year increase relates to the inclusion in the current year period of spending at Cyclo following the March 2025 acquisition and the activity of Cornerstone and Day Three which were consolidated with Rafael Holdings during fiscal 2024. General and administrative expenses were $5.5 million for the three months ended July 31, 2025, compared to $2.3 million in the year ago period. The year over year increase relates to the inclusion of expenses at Cyclo following closing of the acquisition, and the activity of Cornerstone and Day Three, following their consolidation. Rafael Holdings, Inc. Full Year Fiscal Year 2025 Financial Results For the twelve months ended July 31, 2025, we recorded a net loss attributable to Rafael Holdings of $30.5 million, or $1.04 per share, versus a net loss of $34.4 million, or $1.45 per share in the year ago period. The year over year decrease in net loss is attributable to in-process R&D expense of $89.9 million related to the acquisition (when we increased our ownership position) of Cornerstone netted with a $31.3 million recovery of receivables from Cornerstone in the year ago period, $5.9 million in unrealized gains on the Company’s investment in Cyclo equity and the inclusion of Cyclo following closing of the acquisition in March 2025 and the activity of Cornerstone and Day Three, following their consolidation. Research and development expenses were $12.8 million for the twelve months ended July 31, 2025, compared to $4.2 million in the year ago period. The year over year increase relates to the inclusion of spending at Cyclo following the March 2025 acquisition of with Cyclo, and the activity of Cornerstone and Day Three, which were consolidated with Rafael Holdings during fiscal 2024. For the twelve months ended July 31, 2025, general and administrative expenses were $13.8 million compared to $8.9 million in the same period in the prior year. The year over year increase relates to spending at Cyclo following the acquisition, and the activity of Cornerstone and Day Three, following their consolidation. About Rafael Holdings, Inc. Rafael Holdings, Inc. is a biotechnology company that develops pharmaceuticals and holds interests in clinical and early stage companies that develop pharmaceuticals and medical devices. Our lead candidate is Trappsol® Cyclo™, which is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 (“NPC1”), a rare, fatal and progressive genetic disorder. We also hold interests in other clinical-stage and early-stage pharmaceutical development companies and an orthopedic-focused medical device company developing instruments to advance minimally invasive surgeries. Our lead candidate, Trappsol® Cyclo™, is the subject of an ongoing pivotal Phase 3 clinical trial. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, those disclosed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended July 31, 2024, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Contact: Barbara Ryan [email protected] (203) 274-2825

Cyclo Therapeutics’ TransportNPC™ Phase 3 clinical trial for Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1, a rare and fatal genetic disease, is fully enrolled and results from the 48-week interim analysis are expected later this month NEWARK, N.J., June 11, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL; NYSE American: RFL-WT), today reported its financial results for the third quarter and first nine months of fiscal year 2025 ended April 30, 2025. “We are pleased to have completed our merger with Cyclo Therapeutics and look forward to reporting the topline data from the 48-week interim analysis of the pivotal Phase 3 TransportNPC™ study evaluating Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1 anticipated later this month,” said Howard Jonas, Chief Executive Officer, Executive Chairman and Chairman of the Board of Rafael Holdings. Mr. Jonas added, “We have enhanced our financial position with the closing of a $25 million rights offering earlier this month which will support advancing this potential new treatment option for patients suffering from this rare genetic disease.” Rafael Holdings, Inc. Third Quarter Fiscal Year 2025 Financial Results As of April 30, 2025, we had cash and cash equivalents of $37.9 million. On June 4, 2025, the Company announced the closing of a $25 million rights offering, which, including the funding of the backstop commitment by the Jonas family, raised net proceeds of $24.9 million after deduction of certain expenses incurred in connection with the offering. For the three months ended April 30, 2025, we recorded a net loss attributable to Rafael Holdings of $4.8 million, or $0.19 per share, versus a net loss of $32.4 million, or $1.36 per share in the year ago period. The year over year decrease in net loss is attributable to non-cash items, primarily unrealized losses of $1.4 million on the Company’s investment in Cyclo equity which we purchased in advance of the potential merger in the current period versus $4.4 million in the year ago period, combined with an in-process R&D expense of $89.9 million related to the acquisition of Cornerstone, partially offset by a $31.3 million recovery of receivables from Cornerstone in the year ago period. Research and development expenses were $3.0 million for the three months ended April 30, 2025, compared to $1.5 million in the year ago period. The year over year increase relates to the inclusion in the current year period of spending at Cyclo Therapeutics following the March 25, 2025 merger and the activity of Cornerstone and Day Three which were consolidated with Rafael Holdings during fiscal 2024. General and administrative expenses were $3.2 million for the three months ended April 30, 2025, compared to $1.9 million in the year ago period. The year over year increase relates to the inclusion of Cyclo Therapeutics following closing of the merger, and the activity of Cornerstone and Day Three, following their consolidation. Rafael Holdings, Inc. First Nine Months Fiscal Year 2025 Financial Results For the nine months ended April 30, 2025, we recorded a net loss attributable to Rafael Holdings of $18.4 million, or $0.73 per share, versus a net loss of $29.9 million, or $1.26 per share in the year ago period. The year over year decrease in net loss is attributable to in-process R&D expense of $89.9 million related to the acquisition of Cornerstone net with a $31.3 million recovery of receivables from Cornerstone in the year ago period and $3.2 million in unrealized gains on the Company’s investment in Cyclo equity. Research and development expenses were $5.3 million for the nine months ended April 30, 2025, compared to $2.6 million in the year ago period. The year over year increase relates to the merger with Cyclo Therapeutics which closed on March 25, 2025, and the activity of Cornerstone and Day Three, which were consolidated with Rafael Holdings during fiscal 2024. For the nine months ended April 30, 2025, general and administrative expenses were $8.3 million compared to $6.5 million in the same period in the prior year. The year over year increase relates to the merger with Cyclo Therapeutics which closed on March 25, 2025, and the activity of Cornerstone and Day Three, which were consolidated with Rafael Holdings during fiscal 2024. About Rafael Holdings, Inc. Rafael Holdings, Inc. holds interests in clinical and early-stage pharmaceutical and certain other companies, including our wholly owned subsidiary, Cyclo Therapeutics, LLC, a clinical stage biotechnology company dedicated to developing Rafael’s lead clinical candidate, Trappsol® Cyclo™, which is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 (“NPC1”), a rare, fatal, and progressive genetic disorder. Rafael also holds majority equity interests in LipoMedix Pharmaceuticals Ltd., a clinical stage pharmaceutical company, Cornerstone Pharmaceuticals, Inc., formerly known as Rafael Pharmaceuticals Inc., a cancer metabolism-based therapeutics company, Rafael Medical Devices, LLC, an orthopedic-focused medical device company developing instruments to advance minimally invasive surgeries, and Day Three Labs, Inc., a company which empowers third-party manufacturers to reimagine their existing cannabis offerings. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, those disclosed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended July 31, 2024, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Contact: Barbara Ryan [email protected] (203) 274-2825

NEWARK, N.J., June 04, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL; NYSE American: RFL-WT) announced today the final results and closing of its $25.0 million rights offering (the “Rights Offering”). The subscription period of the Rights Offering expired at 5:00 P.M. Eastern Time, on May 29, 2025. The Rights Offering resulted in subscriptions for 3,130,480 shares of Class B common stock at an exercise price of $1.28 per share for aggregate gross proceeds of $4,007,014.40.The subscriptions do not reflect subscription rights held by Howard Jonas, Chief Executive Officer, President and Executive Chairman of the Company and Chairman of the Board of Directors of the Company, and his affiliates who held, prior to the rights offering, approximately 32% of the outstanding common stock of the Company. Due to Mr. Jonas’ previously disclosed commitment to backstop the Rights Offering through a private placement of shares in the event that the Rights Offering was not fully subscribed (the “Backstop Private Placement”), those holders did not exercise their subscription rights. Mr. Jonas and certain related parties are purchasing the unsubscribed shares for an aggregate amount of $20,992,985.60. The shares of Class B common stock subscribed for by stockholders were issued to participating stockholders on June 4, 2025. Mr. Jonas commented, “I want to thank all of the stockholders that participated in the Rights Offering. The proceeds from the Rights Offering will provide the Company additional capital for the regulatory approval efforts and potential launch of Trappsol® Cyclo™ in the event of a positive interim result from the 48-week interim analysis of the TransportNPC™ Phase 3 clinical trial in Niemann-Pick Disease Type C1 (“NPC1”). The Backstop Private Placement is expected to be completed within the next several business days. The net proceeds to be received by the Company in the Rights Offering and the Backstop Private Placement are expected to be approximately $24.9 million after deduction of certain expenses incurred by the Company in connection with the Rights Offering. Following the completion of the Rights Offering and the Backstop Private Placement, the Company expects to have approximately 50,879,164 shares of its Class B common stock and 787,163 shares of its Class A common stock (which are convertible into Class B common stock on a one for one basis) outstanding. A registration statement on Form S-3 (File No. 333-286622) relating to the Rights Offering was filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”). The Rights Offering was made only by means of a prospectus, copies of which can be accessed through the SEC’s website at www.sec.gov. Additional information regarding the Rights Offering is set forth in the prospectus filed with the SEC. About Rafael Holdings, Inc. Rafael Holdings, Inc. holds interests in clinical and early-stage pharmaceutical and certain other companies, including our wholly-owned subsidiary, Cyclo Therapeutics, LLC, a clinical stage biotechnology company dedicated to developing Rafael’s lead clinical candidate, Trappsol® Cyclo™, which is being evaluated in clinical trials for the potential treatment of Niemann-Pick Disease Type C1 (“NPC1”), a rare, fatal, and progressive genetic disorder. Rafael also holds majority equity interests in LipoMedix Pharmaceuticals Ltd., a clinical stage pharmaceutical company, Cornerstone Pharmaceuticals, Inc., formerly known as Rafael Pharmaceuticals Inc., a cancer metabolism-based therapeutics company, Rafael Medical Devices, LLC, an orthopedic-focused medical device company developing instruments to advance minimally invasive surgeries, and Day Three Labs, Inc., a company which empowers third-party manufacturers to reimagine their existing cannabis offerings. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, those disclosed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended July 31, 2024, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Investor Contact: Rafael Holdings, Inc. Barbara Ryan [email protected] (203) 274-2825

The planned merger with Cyclo Therapeutics is anticipated to close in Q3 pending shareholder approvals Post-merger the Company intends to focus its efforts on Cyclo’s lead clinical program Trappsol® Cyclo™ NEWARK, N.J., March 13, 2025 (GLOBE NEWSWIRE) -- Rafael Holdings, Inc. (NYSE: RFL), today reported its financial results for the second quarter and first six months of fiscal year 2025 ended January 31, 2025. “We look forward to the upcoming shareholder vote on our pending merger with Cyclo Therapeutics (Nasdaq: CYTH) later this month and anticipate closing promptly post shareholder approvals. Upon closing, the Company’s strategic focus will be on its lead clinical asset, Trappsol® Cyclo™,” said Bill Conkling, CEO of Rafael Holdings. Bill added, “We are encouraged by the preliminary results presented at the 21st Annual WORLDSymposium in early February from the ongoing Phase 3 TransportNPC™ Open-Label Sub-Study evaluating Trappsol® Cyclo™ for the treatment of Niemann-Pick Disease Type C1 in patients <3 years of age. We believe that Trappsol® Cyclo™ has the potential to improve the lives of patients suffering from this rare genetic disease and topline data from the 48-week interim analysis of 104 enrolled patients is expected in the middle of 2025.” Rafael Holdings, Inc. Second Quarter Fiscal Year 2025 Financial Results As of January 31, 2025, we had cash and cash equivalents of $48.3 million. For the three months ended January 31, 2025, we recorded a net loss attributable to Rafael Holdings of $4.6 million, or $0.19 per share, versus net income of $6.0 million, or $0.25 per fully diluted share in the year ago period. The year over year decline was attributable to the combined unrealized losses of $1.1 million on the Company’s investment in Cyclo equity which we purchased in advance of the potential merger as well as in the unrealized losses on convertible notes receivable from Cyclo in the current period, versus $9.7 million in unrealized gains on the Company’s investment in Cyclo in the year ago period. Research and development expenses were $0.9 million for the three months ended January 31, 2025, compared to $0.6 million in the year ago period. The year over year increase relates to activity at Cornerstone and Day Three, which were consolidated with Rafael Holdings during fiscal 2024. General and administrative expenses were $2.6 million in both the three months ended January 31, 2025, and 2024. Rafael Holdings, Inc. First Six Months Fiscal Year 2025 Financial Results For the six months ended January 31, 2025, we recorded a net loss attributable to Rafael Holdings of $13.6 million, or $0.57 per share, versus net income of $2.4 million, or $0.10 per share in the year ago period. The year over year decline was attributable to the combined unrealized losses of $4.9 million on the Company’s investment in Cyclo as well as in the convertible notes receivable from Cyclo, versus $7.6 million in unrealized gains on the Company’s investment in Cyclo in the year ago period. Research and development expenses were $2.3 million for the six months ended January 31, 2025, compared to $1.1 million in the year ago period. The year over year increase relates to activity at Cornerstone and Day Three, which were consolidated with Rafael Holdings during fiscal 2024. For the six months ended January 31, 2025, general and administrative expenses were $5.1 million compared to $4.6 million in the same period in the prior year. About Rafael Holdings, Inc. Rafael Holdings, Inc. is a holding company with interests in clinical and early-stage pharmaceutical companies including an investment in (and planned merger with) Cyclo Therapeutics Inc. (Nasdaq: CYTH), a biotechnology company dedicated to developing Trappsol® Cyclo™, which is being evaluated in clinical trials, including an ongoing Phase 3 trial for the potential treatment of Niemann-Pick Disease Type C1 (“NPC1”), a rare, fatal, and progressive genetic disorder. Rafael also holds a majority equity interest in LipoMedix Pharmaceuticals Ltd., a clinical stage pharmaceutical company, Barer Institute Inc., a wholly owned preclinical cancer metabolism research operation, a majority interest in Cornerstone Pharmaceuticals, Inc., formerly known as Rafael Pharmaceuticals Inc., a cancer metabolism-based therapeutics company, a majority interest in Rafael Medical Devices, LLC, an orthopedic-focused medical device company developing instruments to advance minimally invasive surgeries, and a majority interest in Day Three Labs, Inc., a company which empowers third-party manufacturers to reimagine their existing cannabis offerings enabling them to bring to market better, cleaner, more precise and predictable versions by utilizing Day Three’s technology and innovation like Unlokt™. The Company’s primary focus, to date, has been to expand our investment portfolio through opportunistic and strategic investments including therapeutics, which address high unmet medical needs. Upon closing of the planned merger with Cyclo, the Company intends to focus its efforts on making Trappsol®Cyclo™ its lead clinical program. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations surrounding the potential, safety, efficacy, and regulatory and clinical progress of our product candidates; plans regarding the further evaluation of clinical data; and the potential of our pipeline, including our internal cancer metabolism research programs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, those disclosed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended July 31, 2024, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Contact: Barbara Ryan [email protected] (203) 274-2825